https://www.taxtmi.com/caselaws?id=351880 For the period before 1 April 2012, interest was payable on wrongly availed Cenvat credit relating to trading activity even if the credit had not been utilised. The Tribunal noted that the assessee had taken common input service credit while carrying on both manufacturing and trading activities, and that later reversal did not cure the earlier wrong availment. On penalty, the Tribunal found suppression of material facts because the credit was taken despite knowledge of the trading activity and was reversed only after audit objection; the matter was therefore not treated as a mere interpretative dispute, and penalty under Section 11AC was upheld. en-us Fri, 03 Nov 2017 00:00:00 +0530 Fri, 05 Jan 2018 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351880 For the period before 1 April 2012, interest was payable on wrongly availed Cenvat credit relating to trading activity even if the credit had not been utilised. The Tribunal noted that the assessee had taken common input service credit while carrying on both manufacturing and trading activities, and that later reversal did not cure the earlier wrong availment. On penalty, the Tribunal found suppression of material facts because the credit was taken despite knowledge of the trading activity and was reversed only after audit objection; the matter was therefore not treated as a mere interpretative dispute, and penalty under Section 11AC was upheld. Case-Laws Central Excise Fri, 03 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351880